This form is used when an Assignor releases, relinquishes, and quit claims the Production Payment Interest to an Assignee, being the present owners of the leasehold interest in the leases that were the subject of the Assignment creating the production payment, so that from and after the Effective Date the released interest is owned in the manner provided for in the Assignment.
A North Dakota Release of Production Payment Reserved in an Assignment is a legal document that governs the transfer of production payments in the context of an assignment. When a landowner or mineral rights owner enters into an agreement to assign their interests in a property or lease, this document ensures that the assignor retains the right to receive future production payments. In North Dakota, there are two primary types of Release of Production Payment Reserved in an Assignment: 1. Full Release: This type of release allows the assignor to completely relinquish their claim to production payments associated with the assigned interest. The assignee assumes full ownership and control of all future production proceeds. 2. Partial Release: In this scenario, the assignor reserves a portion of the production payments associated with the assigned interest for themselves. The agreement specifies the percentage or specific amount of production payments that the assignor retains, while the remaining portion belongs to the assignee. The North Dakota Release of Production Payment Reserved in an Assignment document includes several key elements: 1. Parties Involved: The document identifies the assignor (original property owner) and the assignee (the individual or entity receiving the assigned interest). 2. Legal Description: The document contains a detailed description of the property or lease being assigned, including relevant legal identifiers such as parcel numbers or land descriptions. 3. Production Payment Reservation: This section specifies whether a full or partial release of production payments is being granted. If a partial release is chosen, it outlines the specific percentage or amount being reserved by the assignor. 4. Acknowledgment: Both the assignor and assignee must sign and date the document to indicate their agreement and understanding of the terms. 5. Recording: Once executed, the Release of Production Payment Reserved in an Assignment should be recorded with the appropriate county recorder's office to create a public record of the transaction. It is important to consult with an attorney or experienced professional when preparing a North Dakota Release of Production Payment Reserved in an Assignment to ensure that all legal requirements and considerations are addressed.
